He Votes No

Dick Armey posted a summary of his position on the bailout vote yesterday and I think you all should read it. He does a good job of presenting some of the reasons why so many of us oppose this measure. I especially like his closing paragraph:

As a Public Choice professor, I used to begin class each semester with Armey’s Axiom number one: “The market is rational and the government is dumb.” Those quick to call for more regulation forget the power of markets, and refuse to acknowledge government culpability in the current mess. Time and again, governments the world over have attempted to outsmart the market and the current legislation is no exception. And time after time, markets respond, toppling the best-laid government plans as they move to correctly price the underlying assets in exchange.

I know the current situation hurts. I know that people desperately want someone to save them. I simply believe that the proposed plan is wrong in the first place and, in the second, is unlikely to help the situation. In fact, I believe it almost surely will exacerbate the situation. I believe that the proposal that failed yesterday would extend and worsen the downturn and slow the eventual recovery, much as federal intervention worsened and prolonged the Great Depression.

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